Gusii Mwalimu Sacco is one of Kenya’s leading deposit-taking Saccos, having provided financial solutions to its members for over four decades. Established in 1977 and officially beginning operations in 1979, the Sacco has grown into a financial powerhouse with an impressive asset base of Ksh 12.85 billion. Known for offering a range of financial products and services, Gusii Mwalimu Sacco remains a vital financial partner to its members by providing accessible loans and savings options at competitive rates.
Membership Eligibility
Membership in Gusii Mwalimu Sacco is open to a wide range of professionals, primarily from the education sector, but also extends to other key areas of public service and the private sector. Eligible individuals include:
- TSC Secretariat members
- TSC teachers from primary, secondary schools, and tertiary institutions
- University lecturers in both public and private institutions
- University staff from public and private universities
- Gusii Mwalimu Sacco society staff
- Employees from national and county governments, ministries, and state departments
- Civil servants from various departments
- Employees of NGOs
- Pensioners from relevant organizations
This broad membership base ensures that individuals from diverse sectors can access the benefits offered by the Sacco.
Membership Requirements
To join Gusii Mwalimu Sacco, members must meet the following criteria and complete certain financial commitments:
- Entrance fee: Ksh 1,000
- Minimum monthly deposit contribution: Ksh 1,000
- BBF (Burial Benevolent Fund) contribution: Ksh 200 for members within the common bond
- Members’ share capital: Ksh 20,000
- Rejoining fee: Ksh 1,000 (applicable for members returning after leaving)
These simple requirements ensure that individuals can join and begin benefiting from the Sacco’s services.
Products & Services Offered by Gusii Mwalimu Sacco
Gusii Mwalimu Sacco provides both Back Office Services Activities (BOSA) and Front Office Services Activities (FOSA), each tailored to meet the varying needs of its members.
BOSA Services
- Welfare Services:
- Burial Benevolent Fund (BBF): This fund assists members and their immediate families in covering burial expenses. Members contribute Ksh 100 monthly.
- Risk Fund: An insurance scheme designed to offer financial protection to Sacco members. Monthly contributions are also Ksh 100.
- BOSA Loan Products:
- Development Loans
- Refinancing Loans
- School Fees Loans
- Emergency Loans
FOSA Services
FOSA serves as the banking arm of the Sacco, providing members with easy access to various financial services:
- Salary, pension, and produce payment processing
- Member’s personal loan clearance
- Fixed deposit accounts
- Sale of bankers’ cheques
- 24-hour ATM services, mobile banking, and Sacco link cash dispensation
- Corporate accounts for institutions
FOSA Loan Products
- Salary Advance:
- 1-month salary advance
- 4-month salary advance
- FOSA Loans:
- Available for 12, 24, 30, 36, 48, and 60 months, offering flexible repayment terms based on individual needs.
- Asset Finance: Loans specifically for the purchase of assets such as vehicles or equipment.
- Institutional Advance: Advance of up to 4 months of salary for institutions.
- E-Loan: A 1-month loan accessed via the Sacco’s mobile banking platform using USSD.
Gusii Mwalimu Sacco Contacts
For those looking to become a member or inquire about its financial products and services, Gusii Mwalimu Sacco’s contact information is as follows:
- Head Office: Gusii Mwalimu Complex, 1st Floor, Kisii Town
- Phone: 0797 906 715 / 058 203 0357
Conclusion
Gusii Mwalimu Sacco has established itself as a reliable financial institution for a wide range of members across various sectors. By offering diverse financial products, including affordable loans and convenient banking services, the Sacco has proven to be a critical financial partner for its members. With over Ksh 12.85 billion in assets, it continues to provide value and financial stability to its ever-growing membership.
